SEC Bars Oando Boss Tinubu From Being Director Of Public Firm For 5-year

Nigeria’s capital market regulator, the Securities and Exchange Commission (SEC) has barred the chief executive of Oando Plc, Wale Tinubu and his deputy Omamofe Boyo from being directors of public companies for a period of five years,

According to a statement by the regulator, its investigations into the operations of the energy company has found the two principal officers of the company wanting in serious infractions.
“The findings from the report revealed serious infractions such as false disclosures, market abuses, misstatements in financial statements, internal control failures, and corporate governance lapses stemming from poor board oversight, irregular approval of directors’ remuneration, unjustified disbursements to directors and management of the company, related party transactions not conducted at arm’s length, amongst others,” SEC said in the statement.
SEC also directed that the rwo principal officers should quit their position in the company and also resign their board members as well.
Other recommendations released by the regulator include * Resignation of the affected Board members of Oando Plc,
* The convening of an Extra-Ordinary General Meeting on or before July 1, 2019, to appoint new directors,
* Payment of monetary penalties by the company and affected individuals and directors,
* Refund of improperly disbursed remuneration by the affected Board members to the company,
* Bar of the Group Chief Executive Officer (GCEO) and the Deputy Group Chief Executive Officer (DGCEO) of Oando Plc from being directors of public companies for a period of five (5) years.
“The Commission would refer all issues with possible criminality to the appropriate criminal prosecuting authorities. In addition, other aspects of the findings would be referred to the Nigerian Stock Exchange (NSE), Federal Inland Revenue Service (FIRS), and the Corporate Affairs Commission (CAC).
“The Commission is confident that with the implementation of the above directives and introduction of some remedial measures, such unwholesome practices by public companies would be significantly reduced,” the regulator said.
SEC commenced an investigation into the operations of Oando in 2017 following petitions from two shareholders, who alleged infraction of the country’s capital market law by the company and its two principal officers.